April 20, 2024
Economy
BOK rules out overreaction to US rate hike
[THE INVESTOR] South Korea’s central bank assured the market on March 16 that it won’t overreact to the latest US interest rate hike.
Jang Byung-wha, senior deputy governor of the Bank of Korea, stressed that the Fed’s decision to increase the base rate by a quarter percentage point was widely anticipated.
“There are no concerns that the local financial market will become unstable or swings will expand. The US benchmark rate is an important reference index but our rate should be considered from the domestic perspective,” said Jang, after an emergency meeting.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Jang Byung-wha, senior deputy governor of the Bank of Korea, stressed that the Fed’s decision to increase the base rate by a quarter percentage point was widely anticipated.
“There are no concerns that the local financial market will become unstable or swings will expand. The US benchmark rate is an important reference index but our rate should be considered from the domestic perspective,” said Jang, after an emergency meeting.
By Alex Lee and newswires (alexlee@heraldcorp.com)
